Not-for-profit buys $34m aged care home
For Purpose Aged Care Australia has bought a seven-year-old but never occupied facility on Melbourne’s outskirts.
The 1.55 hectare property, 2-4 William Street, Wallan, cost $34 million.
Over two levels, with 89 beds and parking, it was completed as a turnkey opportunity seven years ago.
Anthony Sambuco through B.D.C Properties was the developer.
It and the garden have been maintained.
For Purpose has branded it Wallan Community Aged Care.
The not-for-profit used four months prior to taking ownership in September to staff the facility and establish clinical government arrangements.
The home also includes private rooms with ensuites, landscaped courtyards, a cafe, hair salon, medical consulting room and a secure dementia-support area.
Wallan is about 45 kilometres north of Melbourne’s CBD (continues below).
Institutional backing
The not-for-profit was established by For Purpose Investment Partners, a social impact investment manager (also not-for-profit) focused on health, education and social welfare.
The aged-care platform received institutional investment commitments of $75m from Qantas Super and $30m from Australian Ethical Investment to support its acquisition of Signature Care in 2024.
In February 2026, For Purpose Investment Partners and For Purpose Aged Care Australia secured a $235m social loan backed by Bank Australia, Commonwealth Bank of Australia and National Australia Bank to support the operator’s expansion.
The group operates c2150 residential aged-care beds nationally with 600 in the pipeline.
Wallan is part of a broader expansion. More facilities are planned in Victoria, where it is headquartered (in Cheltenham) and interstate.
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